Q2 Results Spook Markets; Sensex Ends Lower For 5th Straight Session

Benchmark indices ended the day lower for the 5th straight day, under performing most of the global markets as quarterly results continued to disappoint the markets. Heavyweight, ITC crashed, following results that were way below estimates and L&T too disappointed. ICICI Bank, which also reported numbers saw asset quality deteriorate further.

The Sensex ended the day lower by 181.31 points, while the Nifty dropped 45.95 points in trade. Leading the set of losers in trade apart from ITC were Vedanta, Mahindra and Mahindra, Gail, Bajaj Auto, Bhel and ONGC.

Indices

Axis Bank, which had fallen by a huge 10 per cent in two trading sessions after its quarterly numbers, managed to end the day with gains.

Shares in Infosys also ended the day lower on selling pressure. Listing search engine company, Just Dial fell for the second day in a row, following numbers that lagged estimates. The stock ended lower by 8 per cent.

Nestle India dropped 2 per cent after its quarterly results were hit by the Maggi ban. NTPC, Dr Reddy's and Hindalco were among the gainers from the Nifty space.

Eros International Media fell almost 20 per cent after shares in its parent company once again crashed on the NYSE. The stock has now almost halved in value from levels of Rs 606.

Meanwhile, European markets were trading almost flat, though the German DAX manage to show some early gains.